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Keyword: debt

Brevity: Headers | « Text »

    10/10/2012 6:54:06 AM PDT · by ibytoohi · 18 replies
    SELF | 10/08/2012 | SELF
    As an avid observer of the current election campaigning complete with cable news reports, pundit's opinions, Big Bird ads, debates, and accusations of "Romney Lied!" coming from the Presidents surrogates and Obama I am almost suffering from political overload. So, I took a deep breath, kicked back with a fresh cup of coffee and it came to me after I asked a simple question: WHAT HAS OBAMA ACCOMPLISHED IN THE LAST FOUR YEARS? I know, I know there is OBAMACARE but I consider that a power grab that will be destroyed rather than an accomplishment. What has he really done?...
  • How much has government indebted you? Find out here.

    10/09/2012 6:02:57 PM PDT · by wewillnotcomply · 1 replies
    Special interest groups have long been working with the government to get more and more resources, helping to increase our national debt. Just how much of our debt do you now owe? You can find out in seconds by visiting this site.
  • Greece's Debt Nightmare Just Got Worse

    10/09/2012 6:38:13 AM PDT · by Oldeconomybuyer · 19 replies
    CNBC via Yahoo! News ^ | October 9, 2012 | By Holly Ellyatt
    German Chancellor Angela Merkel is landing in Greece to show her solidarity with her Greek counterpart, prime minister Antonis Samaras. Seven thousand police officers have been scrambled to clear the streets of central Athens along with rooftop snipers and commandos to protect the German leader. Greece's two largest unions threatened to defy a ban imposed on protesting in the city center, calling on their members to convene at Syntagma square. But economists told CNBC that Merkel was the least of Greece's problems. According to the latest economic forecasts from the International Monetary Fund (IMF), released on Tuesday, Greece will miss...
  • Looking for sites useful for research

    10/08/2012 7:28:53 PM PDT · by Optimus Prime · 24 replies
    None | October 8th, 2012 | Me
    Could someone help me out, please? I'm hoping to find a couple good reference sites as useful tools for the future. I'd like to be able to research the following: 1) How much revenue the US government received on a particular year. 2) What the deficit/surplus was per month or year. 3) How much was the National Debt on a particular year. So could someone please point me to any such sites? I'd appreciate it very much. Thank you.
  • Chart Of The Day: The "New Normal" Trade Off - Debt vs Jobs

    10/08/2012 6:09:15 AM PDT · by Snuph · 2 replies
    Zerohedge ^ | 10/08/2012 | Tyler Duden
    What one can also see is that the public cost of "normalization", aka the Trade Off of the new normal is an additional $4.25 trilion in debt over and above where the previous historic trendline would put total US debt, just under $12 trillion. Instead total debt is now $16.2 trillion. Oddly enough, this translates to precisely $1,000,000 per job gained or saved from the first (and certainly not last) post-crisis trough: yet another fact that will not be mentioned in either the mainstream press or any presidential debate, as sadly trading off record amounts of public debt for new...
  • How Mitt Romney Won My Vote

    10/08/2012 3:32:23 AM PDT · by Kaslin · 83 replies ^ | October 8, 2012 | Mike Adams
    Note: The author would like to thank the Psalmist, Switchfoot, and Samwise for inspiring this column.Back in May of 1999, I made a decision to leave the Democratic Party. It was an easy decision. I had been a Democrat for 11 years. I voted for Dukakis when I was a committed leftist. But, later, when I became a pro-life conservative, there was no room for me in the party. So I became a Republican and also joined the NRA. I've been a straight shooter ever since. Excuse me if that last line sounded heterosexist. I’m a work in regress. As...
  • Charts of the Day: Deficits and spending (Pay attention to government estimates vs reality)

    10/07/2012 4:31:57 PM PDT · by SeekAndFind · 5 replies
    Hotair ^ | 10/07/2012 | Ed Morrissey
    Via Instapundit, this is the chart to keep in mind when it comes to deficits and campaign promises. It's pretty self-explanatory, but pay close attention to the huge jump in deficit spending between FY2008 and FY2009 --- and the very large gap between White House and even CBO estimates and reality (in gray) in FY2010-12:A few things to bear in mind: As Glenn Reynolds notes, the war spending began in FY2002 for Afghanistan and FY2003 for Iraq. Also, the Bush-era tax rate reductions were fully implemented in FY2003, but probably had their full impact in FY2004. The combination pushed deficits...
  • Spain quip adds to Romney's foreign policy trouble (3 bag barf alert)

    10/07/2012 10:19:39 AM PDT · by TurboZamboni · 12 replies
    pioneer press/ap ^ | 10-7-12 | BRADLEY KLAPPER
    WASHINGTON—If Mitt Romney becomes president, he might need a crash course in Diplomacy 101. He irritated Britons and Palestinians during a summer tour abroad and has declared Russia to be America's No. 1 geopolitical foe. Just last week, the Republican candidate, who plans a foreign policy speech Monday, raised eyebrows in Spain by holding it up as a prime example of government spending run amok. That left Spaniards confused, and threatened to reinforce Romney's perceived handicap in international affairs, precisely at a time when lingering questions over the Sept. 11 attacks against the U.S. Consulate in Benghazi, Libya, has President...
  • The Winning Answer (Romney's response to the deficit and debt was what turned the tide)

    10/07/2012 6:55:07 AM PDT · by SeekAndFind · 48 replies
    Weekly Standard ^ | 10/07/2012 | WILLIAM KRISTOL
    Almost 25 minutes into last Wednesday night’s presidential debate, it was already clear Mitt Romney was doing better than expected, and that Barack Obama was a bit flat. But it wasn’t yet obvious at the end of the debate’s first segment that the debate would produce a decisive winner. Then moderator Jim Lehrer moved from taxes to a discussion of “what to do about the federal deficit, the federal debt.” Mitt Romney spoke first. His two-minute answer was the inflection point in the debate. After that, he was on a roll—a conservative roll. And President Obama would be reduced to...
  • Obama Should Treat "Math" Like A Four-Letter Word

    10/05/2012 5:08:40 AM PDT · by suspects · 2 replies
    Boston Herald ^ | October 5, 2012 | Michael Graham
    “Governor... it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class. It’s — it’s math. It’s arithmetic.” — President Obama, during Wednesday’s debate For Barack Obama “math” should be a four-letter word. It’s gasp-inducing to watch the same politician who insisted Obamacare (cost: $2 trillion over the next 10 years and rising) “won’t add a single dime to the deficit — not one dime” — lecturing anyone on his math skills. Of all the politicians in the modern era, the one who...
  • Foreign aid has become 'real money'($20+ Billion)

    10/04/2012 10:08:48 AM PDT · by Perseverando · 1 replies ^ | October 03, 2012 | Joseph Farah
    Exclusive: Joseph Farah compares billions given away to what's spent on border security It may be an apocryphal quote attributed to the late Sen. Everett Dirksen: “A billion here, a billion there, and pretty soon you’re talking real money.” There’s really no credible citation one can find that suggests he actually ever said those famous words – though I swear I can still hear him saying them when I was a child. Those words were reverberating in my mind again this week as it was revealed that Barack Obama has increased spending on foreign aid by 80 percent through last...
  • Adios Espana! The Talent Outflow From Spain

    10/04/2012 5:19:48 AM PDT · by SeekAndFind
    RCM ^ | 10/04/2012 | By I-Ling Shen & James Barth
    Spain appears to be ever closer to asking for outside financial aid to help it recover from a deep recession and cope with severe unemployment. The interest rate Spain must pay to finance its steep budget deficits remains too high to permit a sustainable economic recovery. And some of its banks still need to be bailed out due to a huge portfolio of poor loans. The world is anxiously watching as Spain faces a myriad of financial, economic, and political challenges. But less known is the effect the crisis is having on the movement of people in and out of...
  • Surprise! Last Year's Deficit Actually $5 Trillion

    05/24/2012 3:48:46 PM PDT · by Kaslin · 15 replies ^ | May 24, 2012 | Katie Pavlich
    Since 2009, and since Senate Democrats last passed a budget, the Congressional Budget Office has calculated $1 trillion deficits each year with 2012 being no exception. But now, a new USA Today study shows that last year's budget deficit wasn't $1 was actually $5 trillion. The deficit was $5 trillion last year under those rules. The official number was $1.3 trillion. Liabilities for Social Security, Medicare and other retirement programs rose by $3.7 trillion in 2011, according to government actuaries, but the amount was not registered on the government's books. It is well known by now that even if...
  • How Public Unions Exploit the Ruse of 'Official Time'

    10/03/2012 4:59:49 AM PDT · by TurboZamboni · 4 replies
    WSJ ^ | 10-3-12 | mallory factor
    Imagine thousands of government employees reporting to work each morning at their government offices and then doing no government work. They use government workspace, government telephones and government computers, all while working on projects unknown and unidentified to their government employers. They receive hefty taxpayer-funded salaries, promotions, bonuses and benefits, plus generous government pensions when they retire—all without doing any work on behalf of the taxpayer. Instead, they work as paid political operatives for powerful government unions. Welcome to the common practice of "official time." Sometimes called "release time," it's a mechanism by which the government pays union officials to...
  • Senate leadership wants distance from deficit discussions (the fiscal cliff)

    10/03/2012 1:43:06 AM PDT · by Libloather · 6 replies
    The Hill ^ | 10/02/12 | Erik Wasson, Bernie Becker
    Senate leadership wants distance from deficit discussionsBy Erik Wasson and Bernie Becker - 10/02/12 08:21 PM ET Democratic and Republican leaders in the Senate on Tuesday sought to distance themselves from deficit talks being held by a small, bipartisan group of lawmakers. The swift pushback, delivered by aides, came after The New York Times reported in a front-page, above-the-fold story that Senate leaders were closing in on a deal to avert the so-called “fiscal cliff.” The leaders’ move to keep those discussions at arm’s length underscores the difficulty of reaching a bipartisan agreement on taxes and reducing the deficit. Senate...
  • Goodbye FY 2012, Hello FY 2013, Debt increases $145 Billion in 2 days, what used to take 6 mos.

    10/02/2012 9:05:03 PM PDT · by Steelers6 · 1 replies
    Treasury Direct ^ | October 2, 2012 | Steelers6
    Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding 09/27/2012 11,255,558,023,360.29 4,759,573,001,202.25 16,015,131,024,562.54 09/28/2012 11,269,585,800,039.32 4,796,655,607,346.57 16,066,241,407,385.89 10/01/2012 11,310,911,679,511.83 4,848,575,333,788.52 16,159,487,013,300.35
  • Dave Says Graduate with No Debt

    10/02/2012 3:06:32 PM PDT · by Kaslin · 9 replies ^ | October 2 | Dave Ramsey
    Dear Dave, I’m in college with a full scholarship. I work part time and should be able to graduate with no debt. What can I do now to best utilize the money I make?TylerDear Tyler,You’re in a fantastic position right now. First, I think your main goal is to study hard and be 100 percent certain you’re graduating on time with no money issues. The next thing is to make sure you have plenty of cash on hand to make the transition to the real world. In a case like this, transition can mean anything from moving to a new...
  • Obama's Big Budget Deficits Could Mean A Big Tax Hike For The Middle Class

    10/02/2012 5:16:53 PM PDT · by SeekAndFind · 5 replies
    Business Insider ^ | 10/02/2012 | James Pethokoukis
    President Obama doesn’t think Americans should fret about the exploding national debt. As he told talk show host David Letterman recently, “We don’t have to worry about it short term. Right now interest rates are low because people still consider the United States the safest and greatest country on Earth, rightfully so. But it is a problem long term and even medium term.” So, in Obama’s view, dealing with the debt is more of a tomorrow thing than a today thing. Or maybe even a day-after-tomorrow thing. But every day that the debt grows, the burden on Americans grows, too....
  • Congratulations Barry: 2012 budget deficit exceeds 2011 shortfall (Obama again the deficit champ)

    10/02/2012 9:26:44 AM PDT · by SeekAndFind · 2 replies
    American Thinker ^ | 10/02/2012 | Rick Moran
    It was close. A lot of us didn't think he could do it. But we should have realized by now that when it comes to spending money we don't have, Barrack H. Obama is the champion. CNS News: According to the U.S. Treasury, the debt of the U.S. government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which ended yesterday. That means the federal government borrowed approximately an additional $10,855 for each household in the United States just over the past twelve months. The total debt of the United States now equals approximately $136,690 per household. In fiscal 2011,...
  • Obama Increased Foreign Aid 80%; Spent 76% More on Foreign Aid Than Border Security

    10/02/2012 9:04:19 AM PDT · by maggief · 10 replies
    cnsnews ^ | October 2, 2012 | Terence P. Jeffrey - From fiscal 2008 to fiscal 2011, according to the U.S. Treasury, the federal government increased spending on foreign aid by 80 percent and, in fiscal 2011, spent 76 percent more on foreign aid than it did securing the borders of the United States. In fiscal 2008, the government spent a total of $11.427 billion in international assistance programs, according to the Monthly Treasury Statement. In fiscal 2011, according to the statement, it spent $20.599 billion—an increase of $9.172 billion, or 80 percent, from 2008.
  • Bill Gross: The US Is A Debt Meth Addict -"The Damage Will Be Beyond Repair"

    10/02/2012 8:58:50 AM PDT · by SeekAndFind · 10 replies
    Zero Hedge ^ | 10/02/2012 | Tyler Durden
    The highlights from Bill Gross' latest monthly piece: Armageddon is not around the corner. I don’t believe in the imminent demise of the U.S. economy and its financial markets. But I’m afraid for them.The U.S. is no “clean dirty shirt.” The U.S., in fact, is a serial offender, an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth. Uncle Sam’s habit, say these respected agencies, will be a hard (and dangerous) one to break.What the updated IMF, CBO and BIS “Ring” concludes is that the U.S. balance sheet, its deficit (y-axis)...
  • NYT Reports That Senators Are Working On A Fiscal Cliff Deal — And Paul Krugman Is Already Furious

    10/02/2012 6:47:57 AM PDT · by blam · 42 replies
    TBI ^ | 10-2-2012 | Joe Weisenthal
    NYT Reports That Senators Are Working On A Fiscal Cliff Deal — And Paul Krugman Is Already Furious Joe WeisenthalOctober 2, 2012, 4:47 AMWikimedia Commons This sounds very hazy, but Jonathan Weisman of the New York Times says work has begun among some Senate leaders will hammer out a plan that would cut $4 trillion out of the deficit over 10 years, and avert the fiscal cliff/sequestration nightmare due to hit on January 1 of next year. First, senators would come to an agreement on a deficit reduction target — likely to be around $4 trillion over 10 years —...
  • Was Tennessee Ernie Ford an Economic Adviser to the Administration and Congress?

    10/01/2012 6:33:25 PM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 10/01/2012 | Snakeeyes Econ
    There is no doubt about, a Federal debt of $16 trillion is staggering will have to be repaid by our children and their children. The debt per taxpayer of $140,458 is daunting enough, but the unfunded liabilities (Social Security, Prescription Drug and Medicare) are $1,055,885 per taxpayer. And growing! It reminds me of the Tennessee Ernie Ford classic song “16 Tons.” We should call it “The Federal debt song.” “You load sixteen tons what do you get Another day older and deeper in debt Saint Peter don’t you call me ’cause I can’t go I owe my soul to the...
  • Traveling like a president...

    10/01/2012 2:08:05 PM PDT · by ColdOne · 15 replies
    politico44 ^ | 10/1/12 | DONOVAN SLACK
    What takes 200 hotel rooms, four jets, five helicopters and 35 motorcade vehicles? A typical presidential trip, according to The Travel Channel, which goes behind the scenes in its special "Travel Like a President," set to air Tuesday. Andy Singer, the network's general manager, says the show is "designed to give viewers an all-access, unprecedented look at the enormous level of detail and thought that comes with the territory when you are the leader of the free world.” It looks at famed presidential accommodations, such as the Waldorf in New York, and follows President Obama during a vacation to Hawaii.
  • Transfer of Unemployed to Social Security's Disability Program is Further Bankrupting California

    09/30/2012 11:32:28 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 09/30/2012 | Anthony B. Sanders
    The latest California community to face bankruptcy is Atwater, just down the Golden State Highway from Modesto and next to Merced. Atwater, like its neighbors Modesto and Merced, are still reeling from the crash of the housing market where prices have fallen about 70% from their peak. And unemployment rates are roughly twice the national average. Since I don’t have the house price indices for Modesto, Merced and Atwater, I will use the Case-Shiller Las Vegas house price index as a proxy. Like many communities during the housing bubble, expenditures were made based on increased property tax revenue. When the...
  • DeMint joins national effort to keep feds from bailing out state pension systems (Told ya!)

    09/30/2012 9:07:30 PM PDT · by NoLibZone · 22 replies
    Fox News ^ | Sept 30 2012
    Illinois Democratic Gov. Pat Quinn is getting hit with a nationwide backlash over his suggestion that the federal government bail out the state employees’ pension program. Critics have in the past several days pounced on the suggestion, made last year when Quinn, in announcing the state’s fiscal 2012 budget, said part of Illinois' long-term effort to reduce the estimate $167 billion in under-funded liabilities would be to seek “a federal guarantee of the debt.” Among those leading the charge is Republican Sen. Jim DeMint. The South Carolina senator has joined the Illinois Policy Institute’s national “No Pension Bailout” campaign --...
  • Krugman’s Anti-Austerity Madness

    09/30/2012 2:30:51 PM PDT · by NaturalBornConservative · 10 replies
    Natural Born Conservative ^ | September 30, 2012 | Larry Walker Jr
    Kicking Common Sense Down the Road- By: Larry Walker, Jr. -When one of today’s most brilliant liberal economists recently mentioned the European fiscal crisis, he said, “Spain is suffering the hangover from a huge housing bubble, which caused both an economic boom and a period of inflation that left Spanish industry uncompetitive with the rest of Europe. When the bubble burst, Spain was left with the difficult problem of regaining competitiveness, a painful process that will take years.”Yet, when far less knowledgeable left-wingers, including the President, speak of America’s economic woes, they routinely regurgitate the meaningless thread, “We are suffering...
  • U.S. debt load falling at fastest pace since 1950s

    09/30/2012 1:40:43 PM PDT · by sopwith · 58 replies
    market watch ^ | June 8, 2012, | Rex Nutting
    WASHINGTON (MarketWatch) — Everyone knows America has too much debt. What they don’t know is that things are getting better, not worse. Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess. If you want to know why economic growth has been so tepid, here’s your answer. Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone is focused on increasing their savings.
  • President's Aplogists Perplexing

    09/30/2012 10:06:37 AM PDT · by campg · 6 replies
    Waterloo-Cedar Falls Courier ^ | 9/30/2012 | Dennis Clayson
    Dr. Barbara Bellar, a former nun, Army major, medical doctor and Illinois politician recently put this into perspective. I quote: "So let me get this straight. We are going to be gifted with a health care plan we are forced to purchase and fined if we don’t, which purportedly adds 10 million more people without adding a single new doctor, but provides for 16,000 new IRS agents, written by a committee whose chairman says he doesn’t understand it, passed by a Congress that didn’t read it but exempted themselves from it and signed by the president who smokes, with funding...
  • How Much Do We Owe?

    09/29/2012 6:08:20 AM PDT · by Kaslin · 17 replies ^ | September 29, 2012 | John C. Goodman
    Have you ever wondered how much we as taxpayers actually owe because of commitments politicians have made on our behalf? Turns out, the answer is not as simple as you might think. The place to start is with a report put out annually by the U.S. Treasury. There I learned that the federal government officially recognizes an outstanding debt of $17.5 trillion. This amount consists of $10.2 trillion in government debt held by the public, plus pension and retirement benefits owed to federal employees. On the one hand, that amount exceeds our country’s entire gross domestic product and that’s pretty...
  • The Brokest Nation (America is history's brokest nation and we have one last chance to fix it)

    09/29/2012 5:38:52 AM PDT · by SeekAndFind · 12 replies
    American Thinker ^ | 09/29/2012 | Jon N. Hall
    Remember how alarmed we were toward the end of 2008, when we realized that Congress for the first time in history was going to run a deficit of a trillion dollars? Congress had never run a deficit even half that size, and some speculated that the deficit for fiscal 2009 could even approach $2T. Luckily, our first trillion-dollar deficit came in at only $1.4T. But now that the feds have run four back-to-back deficits of more than $1T, Americans seem to have become inured -- a trillion bucks? no big deal; we'll just "print" it. During the Democratic National Convention,...
  • Nearly one-in-five households have student loans

    09/27/2012 7:15:47 PM PDT · by SeekAndFind · 5 replies
    CNN ^ | 09/27/2012 | Tami Luhby
    <p>A record number of American households have student loan debt.</p> <p>Some 19% of households had student loans in 2010, up from 15% just three years earlier, according to a new report from the Pew Research Center released Wednesday.</p> <p>Student debt has exploded in recent years as more people attend college, more turn to debt to finance it, and more take out bigger loans while in school, said Richard Fry, a senior economist at Pew who authored the report. This is bucking the trend of Americans shedding debt during the Great Recession and its aftermath.</p>
  • Feds accuse Newport man of using school loans on drugs, motorcycles, games and tattoos

    09/27/2012 3:53:37 PM PDT · by george76 · 12 replies
    The Patriot-News ^ | September 27, 2012 | MATT MILLER,
    Robert Thomas Price Jr. borrowed about $105,000 for his tuition at Harrisburg Area Community College from 2005 and 2007... ... A U.S. Middle District Court indictment alleges that Price spent much of the loan money on crack cocaine, cars, motorcycles, jewelry, tattoos and video games. U.S. Attorney Peter J. Smith said today that Price secured about $92,000 in private student loans and around $13,000 in federal PELL grants and Stafford loans ... Tuition for 12 credits of study at HACC currently costs $2,022 per semester ...
  • Taxpayers spent $1.4 billion on Obama family last year

    09/27/2012 2:51:09 AM PDT · by Cincinatus' Wife · 46 replies
    Daily Caller ^ | September 27, 2012 | Alex Pappas
    Taxpayers spent $1.4 billion dollars on everything from staffing, housing, flying and entertaining President Obama and his family last year, according to the author of a new book on taxpayer-funded presidential perks. In comparison, British taxpayers spent just $57.8 million on the royal family. Author Robert Keith Gray writes in “Presidential Perks Gone Royal” that Obama isn’t the only president to have taken advantage of the expensive trappings of his office. But the amount of money spent on the first family, he argues, has risen tremendously under the Obama administration and needs to be reined in. Gray told The Daily...
  • 1 in 5 Households Now Owe Student Debt, New Pew Research Study Shows ["Low Interest" Obama Voters!]

    09/26/2012 5:11:08 PM PDT · by Steelfish · 17 replies
    USNews ^ | September 26, 2012
    1 in 5 Households Now Owe Student Debt, New Pew Research Study Shows Forty percent of U.S. households headed by someone younger than age 35 owed student debt in 2010 – double the percentage from 20 years ago, according to a new Pew Research Center analysis that found a record one in five households hobbled by student debt. “We know the total amount of student debt has been rising, but what this study does is help us get a handle on who owes it,” said Richard Fry, a researcher with the Pew Center. Outstanding student loans have topped $1 trillion,...
  • The Fed Is Trapped, Gold Is The Exit (Deflationary Collapse)

    09/26/2012 4:28:02 PM PDT · by blam · 28 replies
    TMO ^ | 9-26-2012 | Darryl R Schoon
    The Fed Is Trapped, Gold Is The Exit Stock-Markets / Credit Crisis 2012Sep 26, 2012 - 05:45 AM By: Darryl R Schoon 47% of US investors dependent on the Fed believe they are victimized by government, who believe they are entitled to enough liquidity to profit when risk is laid-off onto others, to society, to you-name-it… On September 13th, the Fed announced QE3, a policy of open-ended bond purchases which would add $1 trillion annually to the Fed’s balance sheet. The Fed’s decision to provide liquidity ad infinitum, i.e. QE etc, was framed in reasonable and carefully chosen language: …These...
  • Japanese Finance Ministry To Japanese Bondholders: You’re Screwed!

    09/25/2012 6:34:18 AM PDT · by blam · 11 replies
    TBI -Testosterone Pit ^ | 9-25-2012 | Wolf Richter
    Japanese Finance Ministry To Japanese Bondholders: You’re Screwed! Wolf Richter, Testosterone PitSep. 25, 2012, 7:53 AMThis has got to be the icing on the Japanese cake. The otherwise bland website of the Japanese Ministry of Finance, more specifically the FAQ page on government bonds, has been catapulted to stardom on Facebook and Twitter. Not in a good way. As you flip through the MoF’s website, page after page, you will mostly see zero Facebook likes and zero tweets. Social media and the MoF ignore each other. But go to the FAQ page, to item 4, Government bonds. Under the second...
  • Demagogues, Debt, and Atlas Shrugging

    09/25/2012 5:37:05 AM PDT · by Alex Baker · 1 replies
    RealityBatsLast ^ | September 23, 2012 | Bryce Buchanan
    Obama’s pre-election story is that taxing the rich is the key to funding the government and reducing the debt. Even his greatly expanded government will be financed by the rich paying their fair share. This story is for people who do not understand anything at all about current government spending and the staggering size of our debt. Obama’s story is for uninformed voters. The question is, do the uninformed represent a majority yet? Read more here:
  • From AAA to AA- in Four Years

    09/24/2012 4:27:41 PM PDT · by NaturalBornConservative · 6 replies
    Natural Born Conservative ^ | September 24, 2012 | Larry Walker Jr
    The New National Curse- By: Larry Walker, Jr. -In the year 2009 double-dealing returned to Washington, DC. Shortly after his inauguration, President Barack Obama pledged to cut the nation's annual budget deficit in half by the end of his first term. At the time, he identified exploding health-care costs as the chief culprit behind rising federal deficits. He warned that the country could not continue its current rate of deficit spending without facing dire economic consequences. He said, "I refuse to leave our children with a debt they cannot repay. ... We cannot and will not sustain deficits like these...
  • Greece Caught Underreporting Its Budget Deficit By Nearly 50%

    09/24/2012 9:51:59 AM PDT · by SeekAndFind · 7 replies
    Zero Hedge ^ | 09/24/2012 | Tyler Durden
    There was a time about a year ago, before the second Greek bailout was formalized and the haircut on its domestic-law private sector bonds (first 50%, ultimately 80%, soon to be 100%) was yet to be documented, when it was in Greece's interest to misrepresent its economy as being worse than it was in reality. Things got so bad that the former head of the Greek Statistics Bureau Elstat, also a former IMF employee, faced life in prison if convicted of doing precisely this. A year later, the tables have turned, now that Germany is virtually convinced that Europe...
  • Greece: MASSIVE Oil Reserves (Gas Alone = $9 TRILLION) More Than Enough to Solve Public Debt Crisis-

    09/24/2012 7:01:01 AM PDT · by Reaganite Republican · 15 replies
    Reaganite Republican ^ | September 24, 2012 | Reaganite Republican
    Not that kind As Greece takes unpopular austerity measures and talks of leasing-out 40 uninhabited islands in part of ongoing efforts to get their tattered books in order, did anybody else notice how Angela Merkel went from a previously ambivalent stand re. the Greeks leaving the EU to the most recent 'save Greece at any cost' position? And in defiance of German public opinion, exposing herself politically back home? Explanation for the sudden turn-around likely has something to do with the fact that largely-unexplored Greece sits on the western edge of a massive sub-Mediterranean oil and gas field, with Israel and Cypress at...
  • President Assures Letterman that National Debt Isn’t Important

    09/23/2012 10:16:47 AM PDT · by John Semmens · 16 replies
    Semi-News/Semi-Satire ^ | 22 Sep 2012 | John Semmens
    Unable to answer a simple question regarding the size of the national debt during an interview on David Letterman’s talk show, President Obama tried to assure viewers that it isn’t important. “I can’t put my finger on the precise amount,” Obama said. “How about a ‘ballpark’ estimate?” Letterman asked. “Well, I don’t know, but it doesn’t really matter,” the President replied. “You see, mostly this is money we owe ourselves. I mean, Americans owe the debt and Americans own the debt. In effect, paying the debt is like taking money out of your right pocket and putting it into your...
  • Dalio Fears Social Unrest That Led to Hitler’s Rise

    09/22/2012 5:58:26 PM PDT · by Kartographer · 36 replies
    CNBC ^ | 9/21/12 | Maneet Ahuja
    In a worst case scenario, he painted a much darker picture. “When people get at each other’s throat, the rich and the poor and the left and the right and so on, and you have a basic breakdown, that becomes very threatening,” Dalio told CNBC in an exclusive interview on “Squawk Box.” “For example, Hitler came to power in 1933, which was the depth of the Great Depression, because of the social tension between the factions. So I think it very much is dependent on how the people work this through together and worry about the social elements.”
  • Focus Should Be on Facts

    09/20/2012 2:29:45 AM PDT · by Kaslin · 2 replies ^ | September 20, 2012 | Jackie Gingrich Cushman
    The challenge for modern-day campaigns is that the rapid speed of the news cycle ensures that new news is created on a daily basis, even when it is not really news. Blame the hunger for something novel and fresh that can eat up time on the 24-hour cable news channels. Think of today's news organizations as insatiable beasts whose ravenous appetites constantly need more and more news bites, and more analysis about those news bites. The desire for more content for their viewers and readers means that they deem everything new to be newsworthy, or at least newsworthy enough to...
  • Video: Obama now pretending he doesn’t know how much the national debt is

    09/19/2012 5:00:11 PM PDT · by SeekAndFind · 9 replies
    Hotair ^ | 09/19/2012 | AllahPundit
    Am I giving him too much credit in thinking that he does know — rounding within, say, a trillion dollars — and is simply playing dumb to deflect an “unhelpful” question, or have we reached the point where we’re hemorrhaging money so quickly that even the president can’t keep count? C’mon. The Five Trillion Dollar Man knows.Here’s a better question: Why did Letterman broach this subject? Partisan that he is, there were a million things he could have asked O to make life easier for him (“Tell us the story about killing Osama Bin Laden again, papa”) and yet he...
  • The Magnitude Of The Mess We're In

    09/19/2012 10:53:03 AM PDT · by zeestephen · 54 replies
    The Wall Street Journal ^ | 16 September 2012 | Schultz, Boskin, et alia
    <p>The next Treasury secretary will confront problems so daunting that even Alexander Hamilton would have trouble preserving the full faith and credit of the United States.</p>
  • The Secret (Weapon) Romney Tapes - what the Republican's campaign needed to get back on message

    09/19/2012 3:24:45 AM PDT · by Cincinatus' Wife · 8 replies
    The American Spectator ^ | September 19, 2012 | Ross Kaminsky
    ......"The real issue, which Romney can and must frame to the American electorate,is that President Obama is intentionally driving us off a fiscal cliff while chasing the liberal utopia of a government-centered entitlement society and income redistribution (from the turnabout-is-fair-play files,a newly found recording of Obama from 1998, same as he's always been...)Compare the two men yourself:Two video clipsWhen I hear Romney's words at this event, my reaction is "Say more of this stuff in public,Mitt. It's a strong and correct message (other than the use of a number as high as 47 percent) and it will resonate with many...
  • Obama On Debt: "We Don't Have To Worry About It Short Term" (video)

    09/18/2012 9:13:44 PM PDT · by i88schwartz · 24 replies
    RealClearPolitics ^ | September 18, 2012 | RealClearPolitics
    When asked if he remember what the national debt was when he entered office, President Obama said "I don't know what the number was precisely." Obama told Letterman "we don't have to worry about it in the short term." "A lot of it we owe to ourselves. Because if you invest in a treasury bill or something like that then essentially you're loaning the government money. In fact, the majority of it is held by folks who live here, but we don't have to worry about it short term," Obama said.
  • Where’s the Tea Party? Spending in Washington continues to go up and debt deepens

    09/18/2012 10:45:24 AM PDT · by SeekAndFind · 11 replies
    Washington Times ^ | 09/18/2012 | Emily Miller
    The 2010 midterm elections showed the American people want to tackle crushing federal debt before it’s too late. The Tea Party succeeded in handing control of the House of Representatives to Republicans, which thwarted White House plans for another massive stimulus program. That majority switch in one chamber hasn’t been enough. Outlays have continued to grow year-after-year with annual deficits topping $1 trillion. The red ink will deepen later this week as the Senate is expected to approve a House-passed continuing resolution that maxes discretionary spending and adds another $106 billion in disaster and war spending that wasn’t offset. This...
  • Romney ad: President Obama’s spending habits have created a “prairie fire” of debt (Watch Video)

    09/18/2012 9:56:15 AM PDT · by SeekAndFind · 5 replies
    Hotair ^ | 09/18/2012 | ERIKA JOHNSEN
    The Romney campaign is out with a new round of ads, and given that much has been made of whether/how Team R is going to re-strategize in the now t-minus 49 days until election day, this latest attack on President Obama's spending policies is bringing some focus to the national debt, in no unclear terms.CLICK ABOVE LINK FOR THE VIDEO A pretty apt metaphor, I'd say --- the tone is kind of scary, but heck, so is the problem. As the WSJ pointed out yesterday: Did you know that annual spending by the federal government now exceeds the 2007 level...